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Golden Arrow Completes Repurchase of Common Shares Representing 24% of Outstanding

December 21, 2012

Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), the "Company" or "Golden Arrow") announced today that it has completed its share buyback strategy that represented a reduction of 24% of outstanding shares prior to the commencement of the buybacks.

"I would like to thank our shareholders for their strong support on the restructuring of the share capital via a share repurchase program and selecting Chinchillas as our main project. The Company is aggressively advancing Chinchillas towards its first NI 43-101 Resource Calculation in the new year. The combination of these 2 major milestones and a strong treasury marks the beginning of management's effort towards increasing shareholder value."

Mr. Joseph Grosso, Chairman, President & CEO

The repurchase of 5,393,000 shares ("Shares") pursuant to a notice of dissent received from a shareholder prior to the September 11th 2012 Special and Annual General Meeting. The Shares were re-purchased at a price of $0.30 per Share, representing 9.76 % of the Company's issued and outstanding shares. The Company has paid to the selling shareholder an aggregate purchase price of $1,617,900. Following completion of the repurchase and cancellation of the Shares, the Company has 41,823,655 issued and outstanding shares.

About Golden Arrow:

Golden Arrow is a Vancouver-based explorer and prospect generator focused on identifying, acquiring and advancing precious and base metal projects in Argentina with the goal of achieving a world class discovery. The core focus will be on advancing its flagship Chinchillas Silver Project located in Jujuy, Argentina. Golden Arrow has a strong treasury which will allow the company to drill its Chinchillas Silver Project over the coming months with the aim of publishing the first NI 43-101 resource calculation on Chinchillas in the first half of 2013. Golden Arrow will continue to execute its strategy to leverage the Company's exploration exposure by attracting partners to fund work on its other high quality mineral projects. Golden Arrow is a member of Grosso Group, a management company specialized in resource exploration, and working in Argentina where it is highly regarded and trusted since 1993.


"Joseph Grosso"
Mr. Joseph Grosso, Chairman, President & CEO

For further information please contact:

Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@goldenarrowresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.